Legal Seminar, Denver, CO
Peer to Peer • Cash is effective for peer to peer – but it requires physical conveyance. – Anonymity can be preserved. (E.g., give $ to street musician – not your credit card!) – Frictionless (unless you don’t want to be there – as in the case of ransom payment). – Avoiding intermediaries = avoiding regulation – Most electronic payment systems still involve intermediaries (Venmo, Zelle, Dwolla, etc. – more later on these services) – Cryptocurrencies may be game changers here. Concerns for Regulators • Identifying parties to target through regulatory/enforcement efforts • Establishing jurisdiction over them (and constraints of territorial approaches) • Designing effective content for regulation (usable information; limited burden; avoiding unintended consequences) • Retain environment to foster growth/innovation in the payments space
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